International hydroponic business sale
Piper Alderman advised Cyco Nutrients on the US34 million (plus contingent US$10m) sale to Scotts Miracle-Gro/Hawthorne Gardening Co.
Cyco is a premium brand of hydroponic nutrients, plant additives, and growing media used by commercial and domestic growers worldwide. Through the dedication and hard work of the founder, the business has grown from a small Australian start-up to establishing an international footprint with a global sales and distribution network.
Hawthorne Gardening Co, part of the New York Stock Exchange, listed Scotts Miracle-Gro Group (NYSE:SMG), has remained the exclusive distributor of Cyco products in the United States, making the firm a natural fit to acquire the business to expand its product portfolio.
Piper Alderman worked closely with the founder and assisted with all sell-side legal aspects of the transaction, including the due diligence program, document drafting, negotiation, and commercial advice. The Project required months of hard work from all parties, from term sheet to closing, to get this deal across. With our experience and knowledge in commercial law and issues related to mergers and acquisitions, we were better placed to navigate through the deal successfully.
Shaun Jones, Founder and CEO, said:
“Simon and his team showed great dedication to this cross-border deal with many moving parts to get it across the line. Working with counterparts in New York and across the US, they stayed focused on a client outcome, and I am very pleased with the results, their culture of service and attention to detail.”